Stock Market Commentary for Friday Trading: The benchmark indices on Friday opened lower on Friday tracking the mix market sentiment in Asian Markets. Yes Bank, HDFC Bank shares emerged among the biggest losers, Tata Motors, Heromotocorp shares were among the top gainers. The headline Sensex and Nifty came under pressure in the afternoon trade on Friday. The Sensex was down 25 points to 37090, while the Nifty was trading below the 11000 mark at 1.00 pm.
Reliance Capital said it would receive Rs 6000 crore through Reliance Nippon’s offer for sale and transaction with Nippon Life. Entire proceeds of Rs 6000 crore would be utilised for reducing debt.
Worries over the crisis in the NBFC sector grew stronger after Altico Capital India defaulted on the interest payment obligation on External Commercial Borrowing availed from the UAE-based Mashreq bank.The company in its regulatory filing, said it defaulted on the interest payment of Rs 19.97 crore.
Gravita in Commentary for friday trading
Shares of Gravita India rallied 5 percent intraday after the increase in production capacity of lead recycling plant in Ghana. Gravita India informed exchanges that its step down subsidiary Recyclers Ghana in West Africa has enhanced the production capacity of its existing lead recycling plant from 6000 MTPA to 12000 MTPA.
“PI Industries has executed an offer with promoter Isagro SpA (a company incorporated in Italy) for acquisition of Isagro Asia, who is engaged in contract manufacturing, local distribution and exports of agrochemicals,” the agri-sciences company said in its BSE filing.
Commentary for friday trading, SRF Share
Shares of SRF jumped 2 percent intraday after IDFC Securities has initiated coverage on the stock with an outperform call and target price at Rs 3347 per share, implying 23.5 percent potential upside from current levels.
At the closing market Sensex was trading 280 points up at 37384 and Nifty was trading 97 points up at 11080. BPCL and IOC were the top gainers and India bulls housing finance and Sunpharma were the top losers. The most active stock of the day was Yes Bank.